OIL: Wider Brent-Dubai EFS Limits Prompt Arb to East: Sparta
May-01 14:14
Prompt ICE Brent strength has further widened the Brent-Dubai EFS and locked out most West-of-Suez crudes from prompt arbitrage, but Atlantic crudes look more workable for August landing in the Far East, according to Sparta, cited by Bloomberg.
- This is because the June-July ICE Brent shows strength ahead of contract’s expiry.
- Dubai spreads have turned weaker, sending Middle East spot crude prices substantially lower, Sparta added.
- Refining margins are increasing, partly due to relatively poor crude throughputs, with oil products still displaying some strength and crude premiums are lower, Sparta said.
- Johan Sverdrup loading premiums have fallen, with some April and May cargoes left over as the June programme was released.
- Furthermore, Nigerian crude premiums fell late last week. This put Qua Iboe cracking margins ahead of Forties for the first time in several weeks.
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LOOK AHEAD: Adding Chicago Fed President Goolsbee Tonight
Apr-01 14:14
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OPTIONS: Expiries for Apr02 NY cut 1000ET (Source DTCC)
Apr-01 14:11
- EUR/USD: $1.0790-00(E1.9bln)
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STIR FUTURES: BLOCK: Sep'25 SOFR Buys
Apr-01 14:10
- Total +20,000 SFRU5 at 96.2275 (10k at 96.225, 10k at 96.23) at 1001:29ET, DV01 $500,000.
- The Sep contract trades 96.23 last (+0.040).
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